Google Password Required Enter your password for abdubaushi in internet Accou INDTAP Q Search this vork = Module 5 Homework Assignment Score: 0.0 Stive Submit Assignment for Gradin Problem 10.13 (Cost of Common Equity with Flotation) Question 8 of 20 Check My Work (3 remaining) eBook Problem Walk Through Banyan Co.'s common stock currently sells for $52.25 per share. The growth rate is a constant 8%, and the company has an expected dividend yield of 5%. The expected long-run dividend payout ratio is 20%, and the expected return on equity (ROE) is 10.0%. New stock can be sold to the public at the current price, but a flotation cost of 5% would be incurred. What would be the cost of new equity? Do not round intermediate calculations, Round your answer to two decimal places. %